As contractors their options are limited. If they simply provided their labour, then their redress is limited to proving in any liquidation. Those who provided and fitted materials may have a right to recover their property, provided that their terms and conditions contained the necessary retention of title clause and were properly drawn to the owners attention.

Unfortunately most arrangements are between the broker and the contractor, who thus has no enforceable contract with the owner.

The old cost effective common law remedies (no cash-no splash) of ship builders and other liens entitling contractors to retain physical possession of the vessel as security for the debt are now rarely applicable.

Most professional contractors operate from the back of a van and few can afford the luxury of working on craft at their secured premises and only brave individuals would issue proceedings against the vessel for the sums in question. These personal trading relationships, often built up over years, characterise the industry and greatly add to it, but equally encourage a casual approach, inevitably to a vulnerable contractor's jeopardy.

Better by far for all concerned to reassess their credit arrangements now and face up to the realities.

It's better to look for new and profitable business relationships than become a casualty of old and failing ones.